86 400 home loan rates
86 400 has home loan products with no ongoing, application or exit fees for owner-occupiers and investors looking to switch home loans.
Considering other lenders? Compare home loans with these low-rate offers for owner occupiers:
About 86 400 bank
Launched in September 2019, the neobank 86 400 gets its name from the amount of seconds available in the day. The bank is mobile-based, with the app featuring personalised savings tools, instant transfers using Osko and PayID, smart alerts and more.
The neobank is one of Australia's first and most successful, with more than $200 million worth of home loans on its books as at January 2020. This is in part thanks to gaining access to a broker network of more than 10,000 across Australia. 86 400 also says it does not invest in or lend money to companies in the fossil fuels industry.
On top of home loans, the neobank also offers bank accounts, including a 'Pay' account with $0 account keeping fees or foreign transaction fees. It also has a 'Save' account with competitive interest rates in addition to $0 account keeping fees.
What home loans does :86 400 offer?
86 400 offers a concise, yet competitive range of home loans for owner occupiers, refinancers, and investors. Home loans are available across variable and fixed terms, with interest only (IO) and principal and interest (P&I) payment schedules.
One of the key features of 86 400's home loan suite is the 'Neat Home Loan'. The Neat home loan series features a cascading set of interest rates, which reduce as the borrower pays down their home loan, available to both owner occupiers and investors.
86 400 home loan features
Across its range, 86 400 has a few product features, including:
- Offset Account: A 100% offset account is available on 'Own' variable home loans.
- Redraw: A redraw facility is available across all home loan types.
- Extra Repayments: Additional repayments are available, up to unlimited for variable loans, but limited to $20,000 on fixed home loans.
- Split Loans: Option to split home loans across both fixed and variable interest rates.
Note: These features are not exhaustive, and may not be offered across all 86 400 home loans.
How to apply for an 86 400 home loan
86 400 has certain eligibility criteria for its home loans, including:
- Having at least a 20% deposit or equity (its maximum LVR is 80%)
- You must be buying or refinancing for residential property (86 400 doesn't lend for vacant land)
- You must be an Australian citizen or permanent resident
- You must have a good credit history
- You need to be a PAYG employee
From there, the application process is totally digital, starting with an online form submission, and a subsequent chat with one of 86 400's Lending Specialists.